Trifast plc reported preliminary results for the year ending 31st March 2014, with group revenue increasing 7% to GB￡129.78 million.

Operating profit was up 31% to GB￡9.41 million. Margin improvements came from sourcing policies, vendor consolidation and freight/packaging efficiencies. The group confirmed its objective to accelerate expansion by strategic acquisitions. In May it bought Viterie Italia Centrale Srl.

In response to growing opportunities in the ASEAN Free Trade Area Trifast has established a new subsidiary in Thailand – it already has production facilities in Singapore and Malaysia. In Europe, TR Sweden had a particularly good year based on the automotive and telecoms sectors; TR Holland saw sales growth in automotive and domestic appliances; Hungarian growth came from the electronics sector. TR Norway was the only division to struggle mainly due to the demise of traditional business emigrating to lower cost countries and Trifast is in the process of switching its attention to the oil and gas sector.